The updated platform empowers agents, brokers, managing general agents (MGAs), managing general underwriters (MGUs), and wholesalers to improve their operational efficiency in areas such as adding new policies, new lines of business, invoicing, and payments processing.

Novidea is the leading insurtech provider of a cloud-native, data-driven insurance management system. Leveraging an open API architecture, Novidea’s software platform enables brokers, agents, MGAs, and carriers to modernize and manage the customer insurance journey end-to-end, driving growth across the entire insurance distribution lifecycle

Throughout the insurance policy distribution lifecycle, various processes are involved, including policy quotes, binding, billing, payment transactions, policy renewals, policy endorsements, and claims management. Novidea’s latest system upgrades greatly enhance the quote-to-bind process and offer a broader range of options for claims management, invoicing, and billing. These include commission statement reconciliation, Direct Bill Commission Download (DBCD), and multi-entity billing.

“In the insurance industry, there is a significant drive to improve efficiencies while meeting the fast, seamless digital experience that today’s customers demand,” said Sharone Volk, VP Product at Novidea.

“Our latest version of insurance management software incorporates automated technology that reduces costs and streamlines repetitive tasks, enabling faster delivery of excellent service in an increasingly competitive landscape. Novidea is committed to delivering an innovative, cloud-based solution that revolutionises how brokers, agents, and MGAs handle existing policies, maintain customer loyalty, and expand into new lines of business.”

Key enhancements of the platform include:

1. Accelerated digital quote-to-bind process: This feature improves usability, user experience, and data processing efficiency through the ‘Copy Quote’ action. Users can now clone an existing quotation record into a new quotation, eliminating the need for data re-entry and expediting the process.
2. Enhanced insurance business accounting (IBA) functions: Novidea has improved the policy payments experience with a new bank reconciliation screen and processes. Additionally, the update includes enhanced client money calculation, base currency support, and Bankers’ Automated Clearing System (BACS) exporting.
3. Improved line of business (LOB) management: Agents and brokers can now swiftly enter new markets and introduce new revenue streams, resulting in improved agency profitability.
4. IVANS enhancements: The update introduces improvements for IVANS in the US, facilitating better support for downloads and aiding in the identification and resolution of discrepancies between existing data and IVANS files. This ensures accurate alignment between policy data and IVANS content.
5. Billing and commission improvements: The US market benefits from enhancements in billing and commission processes. These improvements aid in the approval and disapproval of commission statements to ensure precise compensation distribution. Moreover, the platform now supports multi-entity billing.
6. Enhanced claims management: The latest update offers greater visibility and tracking of claims data, resulting in an improved claims management process. This reduces manual labor for claim handlers and leads to faster claims resolution times for customers. The enhanced claims processing is managed through Novidea’s robust rule engine which supports bespoke customer needs.

Source: Novidea